[52812] in Cypherpunks
Re: What backs up digital money?
daemon@ATHENA.MIT.EDU (Alan Horowitz)
Thu Mar 28 01:01:56 1996
Date: Thu, 28 Mar 1996 00:15:47 -0500 (EST)
From: Alan Horowitz <alanh@mailhost.infi.net>
To: Hal <hfinney@shell.portal.com>
Cc: cypherpunks@toad.com
In-Reply-To: <199603272304.PAA26037@jobe.shell.portal.com>
I will put forth the proposition that Federal Reserve "Notes" are not
notes.
A note is a promise to (a) pay
(b) a certain amount
(c) at a certain time
(d) to a certain person.
As in the phrase that *used to* appear on United States Currency: "will
pay the Bearer One Dollar in Silver upon Demand". The only extant legal
definition of a dollar is a Federal statute of 1792, defining it as a
certain weight of pure silver.
